Insider Economy Strong demand for collapsed Co-op bank property

Strong demand for collapsed Co-op bank property

A list of collapsed Cyprus Co-operative Bank properties seized by the state that will be transferred to local authorities will be presented to Cabinet in May, according to informed sources. Along with the criteria municipalities and communities should meet before they can be granted such properties.

Specifically, the Technical Committee which is made up of the Permanent Secretaries of the Ministries of Finance, Interior and Transport, is expected to soon hand Finance Minister Harris Georgiades their decision in regard to Co-op property demands made by municipalities and communities. So far, the number stands at 200.

The Committee has taken into account the value of the property, sale prospects or commercial use, intended purpose of use, whether there are other alternatives and the importance to a local community.

The number of Co-op bank properties is 2,815 with a total value of €600 million. These have been transferred to the Cooperative Asset Management Company (SEDIPES), which is the transformation of the Co-op bank to a state-owned one, and its subsidiary which is the Cyprus Asset Management Company (KEDIPES).

Phileleftheros has information that Cabinet will determine the exact number of real estate to be granted to municipalities and communities next month. In addition to the list of properties to be granted to local authorities, there are those for which the State is also interested to make use of.

Thus, excluded are:

*Property for which the State is interested to house ministries and other government organisations. The State is interested in big real estate buildings that exceed 1000 to 2000 sq. metres and which they also have big parking lots

  • Property collected by the Co-op bank against debt repayment
  • The 113 properties, mainly commercial stores and shops, totalling €150 million, which Hellenic Bank has an option to acquire by September 3.

The granting of real estate to local authorities will come at a fee.


Read more:

Top Stories

‘Sailors do not need to die,’ warns captain of coronavirus-hit U.S. aircraft carrier

The captain of the U.S. aircraft carrier Theodore Roosevelt, in a blunt letter, has called on Navy leadership for stronger measures to save the...

Seven fined €150 to €450 for breaking Covid-19 decree

Famagusta district court on Tuesday handed down fines of between €150 and €450 to seven individuals for violating decrees to contain the spread of...

CBC calls for swift credit to “avoid credit crunch” due to Covid-19

The Central Bank of Cyprus in a circular issued on Tuesday called on Cypriot banks to provide swift credit to companies, self-employed persons and...

First batch of China-donated supplies arrives in Cyprus

Ambassador of China to Cyprus Huang Xingyuan has announced the arrival of the first batch of China-donated medical supplies to Cyprus. Huang Xingyuan said in...

Cyprus embassy in Madrid in contact with 30 Cypriots living in Spain

The Embassy of Cyprus in Madrid is in contact with around 30 Cypriots in Spain, mainly students as well as their families in Cyprus,...


Village olive pie

Mix the yeast with the lukewarm water and put it aside for about 12-15 minutes to settle.  Sift the flour with the salt into...

Skordalia (Garlic paste)

Rinse the potatoes and place, unpeeled, in a saucepan. Cover with water, add salt and allow to simmer for 20-30 minutes until soft. Drain,...

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....